Recommended broker
We cannot help but be impressed by Exness at first glance. The site works great, and is designed to meet with any modern criteria. The slickness of it all makes navigation a blast. But simple aesthetic aspects do not overrule flaws. Is Exness just for show, or is it something more?
Exness (UK) Ltd is a registered broker in the UK. The broker is regulated by the FCA, by now known for its strict law abiding and anti-exploitation policy. Exness is part bound by the FSCS, which guarantees a refund of up to £85 000 for clients, should the broker fail to continue trading.
The company has a branch based in Cyprus, under Exness (Cy) Ltd and is authorized and regulated by CySEC, whose main goal is to enforce the law in the financial markets industry. Exness (Cy) is also a member of the Investor Compensation Fund (ICF) which protects clients covered by the ICF, and provides them with reimbursement of up to €20 000 euros in case Exness cannot meet their financial rights.
The average spread rate is 0.4 pips. The leverage identified on certain sub-pages surpasses the limit imposed by ESMA:
and
We kindly remind traders that ESMA rulings state that no leverage over 1:30 is allowed in the UK and EU. Only professional clients are qualified for a leverage up to 1:200. With that said EXNESS has edited their mistake on their “Margin requirements and leverage rules” subpage:
The site is not clear on what assets it offers for trade, which is a letdown since it’s one of the most essential questions first time users look for. After contacting support we were left disappointed by the fact that only forex pairs are available for trade.
The language variation is surprisingly abundant in a EU/UK only regulated broker: English, Russian, Spanish, German, French, Italian, Portuguese, Chinese, Malaysian, Indonesian, Thai, Hindi, Arabic, Farsi, Vietnamese, Korean, Bengali, Urdu.
EXNESS LOGIN
The broker comes with the two most popular trading terminals: MT4 and MT5.
METATRADER 4
Access all your trading needs using MT4. It’s the number 1 platform in the world, and for a reason. Get acquainted with Expert Advisors to trade automatically. MT4 comes ladened with features: VPS hosting, Economic Calendar, drag and drop charts, customizable trading indicators and so much more.
Spreads go back and forth between 0.5-0.9 pips, while leverages are limited to 1:30 by ESMA (no matter what the website claims it is, EXNESS is bound by the law). There is an exception to the rule in the way of a professional client status (substantial deposits and specific requirements)
There is no commission on spreads.
Monitor your trading on Android and iOS devices, while also having access to a desktop version of the platform and a browser based one (no auto-trading bots though).
METATRADER 5
As a successor for MT4 this platform is a much more accessible version, yet cannot still, after almost a decade, replace MT4. MT5 comes with improved time frames, more pending order types and more. Trading bots can be accessed as well.
Due to ESMA established rules, the maximum leverage is 1:30, so any information you see on the website claiming to have a higher leverage than that is false! The only exceptions are professional clients, to whom a leverage of up to 1:200 is offered.
The EUR/USD spread is a fluctuating 0.5-0.9 pips.
Commissions on spreads are non-existent.
Start using MT5 on Android and iOS devices. A separate desktop version is, as expected, available. However, there is no browser addition.
EXNESS MINIMUM DEPOSIT
To open an account at Exness one must initially deposit deposit a minimum of $500. After that the limit is lowered to $3 for credit cards, and $10 for all other methods.
Funding an account happens in one of the following ways: Wire Transfer, Bank Wire, Neteller and Skrill.
The base currencies at Exness are USD, GBP, EUR, JPY, CNY, CHF.
Wire Transfer funding may take up to 3-5 days. The other methods allow for instant deposits.
There are do fees for making a deposit.
EXNESS WITHDRAWAL TIME AND FEES
The FCA and CySEC assures clients that no problem may arise when withdrawing money.
Withdrawals are issued by Wire Transfer, Bank Wire, Neteller and/or Skrill.
Neteller and Skrill withdrawals are paid out instantly. While Bank Transfer and credit card users have to wait 3-5 days for Exness to process their money. The time it takes for their money to arrive after these processes depends entirely on the payment system used.
There are no fees attached to withdrawals.
Clients of Neteller have a minimum withdrawal requirement of $4. Skrill’s minimum is $10. For cards it’s either $3 or $6 depending on the card type. Finally, Wire Transfer users are limited to a minimum withdrawal of $40.
BOTTOM LINE
Exness possesses licenses form the top regulators in the industry. On that front, traders needn’t worry.
Regardless, even with Real Madrid as their sponsored team, Exness is somewhat average as far as brokers go. It delivers on what traders expect but adds nothing new to the table. Some misleading information concerning the leverage is worth mentioning, and the fact that there is only one tradable asset give to show that Exness has a long way to go.
